….as lawmakers deliberate on Petroleum sector regulations
By Gloria Ikibah
The Speaker of the House of Representatives has said the petroleum sector has always been impeded by inefficiencies and outdated regulatory frameworks.
Speaker Abbas stated this at a one-Day retreat on “Legislative Measures Towards the Realisation of the Mandate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for members of the House Committees Gas Resources, Petroleum Resources (Downstream, Upstream and Midstream) on Monday in Abuja.
Naijablitznews.com reports that this critical workshop is aimed at enhancing lawmakers’ understanding of the petroleum sector and equipping them with the necessary legislative tools to support the NUPRC.
The workshop was designed to deepen the understanding of the NUPRC’s operations, the legal framework governing its activities, and the broader dynamics of the petroleum industry.
According to Abbas, this initiative is part of efforts to ensure effective oversight and accountability in the sector.
He said the petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to the nation’s GDP and serves as the primary source of foreign exchange earnings.
Abbas stated that the National Assembly has played a critical role in driving these reforms, from legislative enactments to oversight, ensuring the sector’s sustainability and effectiveness, adding that there is a need for continued support for the NUPRC and other stakeholders in achieving the full benefits of these reforms for all Nigerians.
He said: Legislative oversight is a cornerstone of democracy and good governance, adding that the Petroleum Industry Act underscores the importance of parliamentary scrutiny in ensuring accountability within the oil and gas sector.
“The petroleum sector has long been the backbone of Nigeria’s economy, contributing substantially to our GDP and serving as the primary source of foreign exchange earnings. However, its potential has often been hindered by inefficiencies and outdated regulatory frameworks.
“The enactment of the Petroleum Industry Act (PIA) 2021 marked a significant turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry
“It provides a robust framework for oversight, empowering the National Assembly to monitor the operations of regulatory agencies like the NUPRC.
“The enactment of the Petroleum Industry Act (PIA) 2021 marked a significant turning point, introducing reforms that have redefined the governance, operations, and transparency of the oil and gas industry.
“Central to this transformation is the NUPRC, which was established to regulate the upstream petroleum sector. Its mandates, as outlined in Section 94 of the PIA, include ensuring transparency, accountability, and sustainable resource management.
“Some immediate gains include improved regulatory clarity, increased investor confidence, and a structured approach to addressing environmental and community issues. However, challenges remain, including the need for further infrastructural development, capacity building, and the full implementation of the PIA’s provisions.
“However, effective oversight is not without challenges. The technical complexity of the extractive industry, information asymmetry, and the ever-evolving nature of the sector can limit the ability of parliamentarians to perform their duties effectively.
“To overcome these obstacles, members must develop technical expertise, engage in continuous learning, and foster collaborative relationships with stakeholders”.
Soeaker Abbas noted that it is all important to fully utilise all oversight tools at our disposal, including inspections, public hearings, investigations, and interpellations. Effective engagement between legislative committees and the NUPRC is critical to avoiding unnecessary conflicts or repetitive invitations.
“By fostering open communication and mutual understanding, we can create a more productive working relationship.
To this end, I urge the committees to adopt a strategic approach that prioritises constructive dialogue and aligns legislative priorities with the operational realities of the NUPRC. Regular updates, joint assessments, and targeted inquiries can streamline oversight processes and improve outcomes”, he added.
Naijablitznews.com reports that the NUPRC was established to regulate the upstream petroleum sector, plays a critical role in ensuring transparency, accountability, and sustainable resource management.
The workshop is expected to foster a more productive working relationship between legislative committees and the NUPRC, ultimately ensuring that the upstream petroleum sector serves the interests of all Nigerians, promotes sustainable practices, and remains globally competitive.